Nigerians are now prioritising safety in their digital transactions as confidence in cashless payment methods climbs steadily. According to Visa’s latest Stay Secure report, 79 percent of Nigerian consumers say they mostly or completely trust digital payments, signalling a shift towards more secure financial behaviours amid rising concerns about fraud.
The report, based on a survey of 5,800 adults across 17 countries in Central and Eastern Europe, the Middle East, and Africa, including 500 Nigerians, highlighted how increased awareness and security consciousness are driving the country’s transition to a more secure digital payment ecosystem.
Visa highlighted that 98 percent of Nigerian respondents reported taking active steps to protect themselves when making digital payments.
“Common practices include enabling SMS alerts (58 percent), ignoring suspicious email requests (69 percent), and avoiding the sharing of sensitive banking details (63 percent). This heightened vigilance reflects a growing financial literacy among consumers who are becoming more comfortable navigating the digital economy,” the payment company said.
Despite persistent concerns about scams, most Nigerians now trust digital transactions. The report found that 86 percent of consumers plan to increase their use of digital payments over the next year, showing strong momentum towards a more cashless future.
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Electronic payments crossed the N1 quadrillion mark in 2024 in Nigeria as more people adopted digital payments channels. This surge in confidence is supported by more widespread adoption of secure technologies such as two-factor authentication (2FA) and biometric verification, which offer users a greater sense of control and protection.
It further added that the increasing demand for secure digital tools is influencing how consumers choose to pay.
“Over half (51 percent) of Nigerians say they feel safer using digital payments, and 56 percent prefer online transactions using credit or debit cards. These trends indicate a growing expectation for payment providers and financial institutions to deliver solutions that are both convenient and safe,” Visa noted.
Despite these trust numbers, fraud remains a significant worry. Ninety-six percent of Nigerians are concerned that someone close to them could fall victim to a scam, while 64 percent admit they feel vulnerable.
In the report, Baby Boomers were identified as the most at-risk group, with 43 percent of respondents naming them as prime targets for fraudsters. Overall, Nigerians are responding with more caution and better habits, indicating a broader cultural shift in how digital finance is approached.
